Atkore's Mark Lamps sells $48,275 in stock

Published 2024-11-13, 05:38 p/m
ATKR
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Mark F. Lamps, President of Safety & Infrastructure at Atkore Inc. (NYSE:ATKR), recently sold 500 shares of the company's common stock at an average price of $96.55 per share, totaling $48,275. The transaction, dated November 11, 2024, was conducted under a pre-established Rule 10b5-1 trading plan. Following this sale, Lamps retains direct ownership of 27,235.8504 shares, which includes unvested restricted stock units and dividend equivalent units. Additionally, 390 shares were withheld to cover tax obligations on vested restricted stock units.

In other recent news, Atkore International Group Inc (NYSE:ATKR). has seen several significant developments. The company's third-quarter earnings for fiscal year 2024 showed flat organic volume growth, and the company repurchased $125 million in shares. Looking ahead, Atkore anticipates an EBITDA of approximately $650 million for FY 2025. Amid these updates, there have been changes in leadership, with CFO David Johnson departing and John Deitzer stepping in.

In terms of analyst perspectives, Loop Capital has adjusted its outlook on Atkore, lowering its price target from $160 to $130, but maintaining a Buy rating. Despite concerns about short-term pricing and demand trends, the firm sees a positive future for Atkore, citing potential for free cash flow deployment and meaningful secular tailwinds.

KeyBanc also revised Atkore's stock target to $105, down from $125, retaining an Overweight rating despite the company's pricing challenges. RBC (TSX:RY) Capital Markets, on the other hand, downgraded Atkore's rating from "Outperform" to "Sector Perform" and lowered its price target to $100 from $175, citing pricing and margin hurdles, and project delays across various sectors. These recent developments reflect the company's strategic steps to navigate complex market conditions and bolster its long-term earnings profile.

InvestingPro Insights

While Mark F. Lamps' recent sale of Atkore Inc. (NYSE:ATKR) shares might raise eyebrows, it's crucial to contextualize this transaction within the broader financial landscape of the company. According to InvestingPro data, Atkore's stock is currently trading at a P/E ratio of 6.48, which suggests the company may be undervalued compared to its peers. This low earnings multiple aligns with one of the InvestingPro Tips, indicating that ATKR is "Trading at a low earnings multiple."

Despite the recent insider sale, Atkore's financial health appears robust. The company boasts a market capitalization of $3.33 billion and has demonstrated profitability over the last twelve months. An InvestingPro Tip highlights that "Cash flows can sufficiently cover interest payments," suggesting strong financial stability. Moreover, with "Liquid assets exceed short term obligations," Atkore seems well-positioned to meet its near-term financial commitments.

It's worth noting that while the stock has experienced significant volatility, with a 40.38% decline over the past six months, analysts maintain a positive outlook. The InvestingPro Fair Value for ATKR stands at $131.14, considerably higher than its previous closing price of $94.56. This discrepancy between the current market price and the estimated fair value could present an opportunity for investors.

For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Atkore Inc., providing deeper insights into the company's financial position and market performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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